Japan’s biggest bank Mitsubishi UFJ reports 61% drop in Q3 profit

Mitsubishi UFJ Financial Group Inc on Thursday reported a 61.2% drop in third-quarter net profit due to a loss related to the sale of U.S. unit MUFG Union Bank, which would be mostly offset by an accounting profit in the fourth quarter, Reuters reported.
Mitsubishi UFJ, which owns about 22% of Morgan Stanley , posted a net profit of 343.2 billion yen ($2.67 billion) for the October-December period, against 289.0 billion yen a year earlier, according to Reuters’ calculations based on nine-month cumulative figures disclosed in a filing.
Japan’s largest lender by assets maintained its full-year profit forecast of 1 trillion yen, a 12% drop from the previous year when it posted a record profit. The outlook compared with an average forecast of 1.05 trillion yen from 11 analyst estimates compiled by Refinitiv.